Record-keeping, the ‘bug-bear’ of the owner-managed business, becomes critical in the period leading up to the preparation of your corporate income tax return. Incomplete, or missing records, can lead to under-recovery of business expenses, unnecessarily increasing tax liability.

And yet technology offers a simple resolution. With Multi-function printers containing inbuilt scanners costing less than $200, document scanning is now ‘almost free’ to do. ‘Google Drive’, ‘Dropbox.com’ and others provide a facility to share and index these documents securely with your tax accountant.

The key is Discipline. Scanning paper records such as cash receipts within a few days of purchase. With so many small business owners remembering the headache of expense filing in the corporate world, its an important lesson we need to re-teach ourselves. When you’ve down-sized to less than 10 employees, fumbling around for receipts can be a frustrating and time-consuming experience.

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About Jenny Okonkwo

A MESSAGE TO VICE PRESIDENTS IN FINANCE
You know how you are continuously frustrated with trying to balance external compliance requirements with supporting the business internally?
I solve this.
I do this by using my natural talent for detecting and eliminating waste, duplication, inefficiencies. Documenting procedures, streamlining business processes to help define and clarify roles and responsibilities. Automating manual outdated systems, designing and implementing new ways of working, analysing business data to improve decision making. I help companies develop and improve the internal controls over their financial reporting by assisting in the delivery of Sarbanes Oxley (SOX 404) readiness programs. This allows focus to be placed on compliance and knowing that internal business is taken care of, helping to minimize financial risk to maximize commercial opportunity.
Even though I am an accountant by trade, I’ll always be a problem solver at heart, which is shown here.
I’m always looking for a new problem to solve, so if you’ve got a doozy you need a hand with, feel free to contact me directly at 647 838 9606 or drop me a line at jenny@transform-consulting.ca
I have also helped local business entrepreneurs and sole proprietors prepare their voluntary disclosure applications, computerize their manual accounting systems, remove their record-keeping backlogs, automate their processes using both cloud based and desktop accounting solutions, prepare their personal and corporate tax returns.
Join my LinkedIn Group now to brainstorm and collaborate from any of these perspectives.
Connect with me on Twitter and Linkedin.